The United Kingdom will provide the first commercial loan to the Zimbabwean private sector since 1994 , local media reported on Wednesday .

The Financial Times reported that the CDC Group development institution , owned by the UK Government and the Standard Chartered Bank , would lend $ 100 m to Zimbabwean companies .

iHarare reported that Governor of Reserve Bank of Zimbabwe , John Mangudya ,

“ This is a significant move , in that it is a medium – term facility to be used for the revival of companies in Zimbabwe.

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“ There has been a deficit of medium – term funding , which was not forthcoming to Zimbabwe.

“ This is going to improve the competitiveness of the industry in Zimbabwe in terms of retooling and improvement of productivity .